Remitly Global (NASDAQ:RELY) Director Nigel Morris Sells 20,000 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $26.20, for a total value of $524,000.00. Following the completion of the transaction, the director directly owned 1,851,056 shares of the company’s stock, valued at $48,497,667.20. This represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Remitly Global Price Performance

NASDAQ:RELY opened at $26.30 on Tuesday. The firm’s 50 day simple moving average is $22.87 and its 200 day simple moving average is $19.58. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.15. The company has a market cap of $5.57 billion, a PE ratio of 18.92 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 EPS. Equities research analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RELY. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Citizens Jmp lifted their target price on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. The Goldman Sachs Group increased their price target on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, Cantor Fitzgerald raised their price objective on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently bought and sold shares of RELY. Pekin Hardy Strauss Inc. boosted its position in shares of Remitly Global by 581.8% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock valued at $1,693,000 after purchasing an additional 104,716 shares in the last quarter. GSA Capital Partners LLP increased its holdings in Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock worth $4,982,000 after purchasing an additional 338,244 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Remitly Global by 44.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock valued at $13,166,000 after buying an additional 292,991 shares during the period. State of Wyoming acquired a new position in Remitly Global in the second quarter valued at approximately $935,000. Finally, First Eagle Investment Management LLC bought a new position in shares of Remitly Global during the 4th quarter worth approximately $8,852,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global News Roundup

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Zacks upgraded Remitly to Rank #1, or “Strong Buy.” The upgrade reflects improving expectations for the company’s earnings prospects and could provide near-term support for RELY shares. Zacks Strong Buy rating upgrade article
• Positive Sentiment: Rising earnings estimates signal potential upside. Zacks said recent estimate revisions indicate strengthening analyst expectations, a factor that can improve sentiment and momentum around the stock. Rising earnings estimates article
• Positive Sentiment: RELY was included on multiple Zacks Strong Buy and momentum-stock lists. The additional visibility may attract short-term momentum-oriented investors. Zacks momentum stocks article
• Positive Sentiment: Brokerages maintain a consensus “Moderate Buy” recommendation. This indicates generally favorable, though not unanimous, Wall Street sentiment. Remitly brokerage recommendation article
• Neutral Sentiment: Remitly’s latest reported quarter showed revenue growth of 20.2% year over year and adjusted earnings that substantially exceeded consensus expectations, providing fundamental support for the recent advance.
• Negative Sentiment: Director Nigel W. Morris sold 31,000 shares for approximately $805,490 across August 13–14. The sales were relatively small compared with his remaining ownership of more than 1.85 million shares, but continued insider selling can temper bullish sentiment. SEC insider transaction filing

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.